The United States has temporarily lifted major sanctions on Iran, authorizing the production, delivery and sale of Iranian-origin crude oil, petroleum and petrochemical products. The 60-day general license issued by the U.S. Treasury Department remains in effect through August 21 and aligns with the timeline of an interim agreement aimed at securing a final peace deal between Washington and Tehran.
The sanctions relief covers associated services, including banking transactions, insurance and maritime transportation. It also permits the import of Iranian oil into the United States when necessary to complete a sale, delivery or offloading. However, the Treasury Department clarified that transactions involving North Korea and Cuba remain prohibited.
U.S. Treasury Secretary Scott Bessent said the waiver follows Iranian commitments to ensure free and open transit through the strategic Strait of Hormuz and to permit inspectors from the International Atomic Energy Agency, or IAEA, to enter the country. The diplomatic talks in Switzerland, led on the American side by Vice President JD Vance, have reportedly established what Vance described as a “very good foundation” for a permanent settlement. However, Iranian officials have disputed Vance’s assertion that Tehran agreed during the first round of negotiations to allow nuclear inspectors back into the country.
Global energy markets reacted immediately to the announcement, with oil prices falling by more than three percent as traders anticipated additional Iranian supply entering global markets. Although the waiver permits transactions in U.S. dollars, many buyers are likely to remain cautious, given that a collapse in negotiations could trigger the rapid reimposition of U.S. sanctions.
